Nigeria’s leading palm oil producer, Presco Plc, has posted its most dramatic profit leap in a decade, thanks to stronger operations, higher yields, and resilient demand.
From January to September this year, profit after tax surged by 114 percent to N110.8 billion, compared to N51.8 billion in the same period last year. This figure even surpasses Presco’s total income for the whole of 2024 by 42.4 percent.
Meanwhile, revenue nearly doubled, rising 113.5 percent from N128.6 billion to N274.5 billion. The gains reflect the benefits of a more stable naira and easing inflation in Nigeria’s broader macroeconomic environment.
Gross profit jumped 118.5 percent to N202.1 billion, operating profit climbed 121.5 percent to N166 billion, and EBITDA shot up 118.1 percent to N170.9 billion — all signals of disciplined cost control and execution.
To reward its investors, the Board approved an interim dividend of N10 per share, reflecting confidence in the company’s fundamentals.
Earnings per share (EPS) followed the same upward trajectory, rising 114.0 percent year-on-year to reach N110.79.
“Presco’s Nine-Month Year to Date performance reflects not just strong numbers, but the strength of our model in an evolving Nigeria,” said Presco Managing Director Reji George.
“As the country navigates new economic realities, our consistency and focus continue to stand out. We have stayed disciplined in execution, translating efficiency and innovation into real, measurable growth.”
The rise in crude palm oil prices globally and improving domestic macro conditions have also played into Presco’s hands. In Q3, Malaysia’s benchmark CPO averaged $1,009.08 per metric tonne, up 7.5 percent from the prior quarter, aided by export duty changes and Indonesia’s B40 biodiesel mandate.
On the stock market, Presco has seen its share price jump over 212 percent year-to-date, closing Wednesday at N1,479.90 per share, making it one of the top performers on the Nigerian Exchange.
